Privacy Notification

Under current law, financial institutions are required to send an annual privacy notification on information sharing practices to its members or customers. This notification is not only a redundant policy but a costly one. For credit unions, the costs associated with these notifications are funds that could be
used to benefit its members. The Eliminate Privacy Notice Confusion Act (H.R.
601/S. 423) would provide benefits for both credit unions and their members, by streamlining compliance burden and enhancing greater member awareness of the credit union’s privacy policies.